Can you summarize Maxam's activities over the past two years?

Our focus has been on expanding our presence in Chile, resulting in an increase in our market share from 10% to 30%. We have secured major contracts with key companies like Capstone Copper and Codelco, while also renewing existing contracts like Escondida for an additional 10 years. Our strategy has involved organic and non-organic growth, supported by substantial investments in technology. Notably, we are the only company with manufacturing facilities within mines. Currently, we operate plants in Minera Escondida, and have plans to establish additional facilities in Gabriela Mistral and DMH. This allows us to offer modular solutions with rapid implementation, optimizing logistics and supply chain security, especially in response to challenges like the 2022 truckers' strike. As a result, we can now provide our clients with up to three weeks of supply security. We have also been focusing on reusing residual oils in our manufacturing process, enabling sustainable operations without relying on diesel consumption. What are Maxam's most notable projects in Chile?

Our flagship project is Minera Escondida, which facilitated our entry into the Chilean mining sector. Since 2016, we have undertaken numerous initiatives with them and developed our capabilities in the country. We invested nearly US$50 million, constructing three manufacturing plants and establishing comprehensive logistics, including nitrate storage areas. We have progressively optimized the project, reducing load factors, improving productivity, and adopting new technologies, including the reuse of residual oils. How does Maxam increase productivity in the context of declining ore grades?

By locating our factories within mines, we can increase the volume of supplied explosives and efficiently address demand peaks. We have improved the technology of our loading trucks, increasing their capacity and explosive discharge speed. Additionally, our X-Energy solution allows us to adjust the energy of explosives based on rock characteristics. Through data collection and mathematical modeling, we determine the exact quantity of explosives required for fragmentation. This optimizes explosive consumption and boosts productivity. We can also expand drilling meshes to increase production using more energy-efficient products. What is Maxam's approach to R&D?

We have an innovation and development center at our factory in Páramo de Masa, Burgos, which was set up about five years ago. This center serves as a hub for R&D and engineering activities, as well as for the development and manufacturing of plants and trucks. The development process is characterized by close collaboration and a multidisciplinary approach, with teams working together to address the needs of the sector and our customers. We are very agile and fast in the transition from the identification of a need to the implementation of a solution, thanks to a testing field where innovations are tested before being implemented on an industrial scale. Can you elaborate on Maxam’s ESG policy?

Our policy is to offer equal opportunities to everyone, regardless of gender, beliefs, etc. We are committed to including women in the mining industry, but we face the challenge of a shortage of women with specific experience in areas like blasting or explosives. To address this, we have implemented training programs, such as a six-month workshop attended by 60 women last year. This year, we plan to repeat it with the aim of achieving 45% female representation. We have also established an integration committee where women and other minority groups can express concerns and contribute to creating an inclusive environment for all employees. What challenges does the blasting sector in Chile currently face?

Our main challenge is the shortage of raw materials due to the war in Ukraine, affecting the availability of key products like TNT and booster. This has led us to seek alternatives beyond local suppliers and reconsider nitrate imports. We face pressure from the mining industry to transition to greener explosives and to comply with stricter regulations while facing rising operational costs. These challenges require us to improve productivity and generate greater long-term value. What are Maxam's objectives for the coming years?

Our main goal is to complete technological implementation in Chile, including the establishment of modular plants and the transition to greener explosives. We also want to consolidate digitalization and value propositions like X-Energy. Chile is a crucial market for Maxam and this year we plan to double our size in the country.